/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080915.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, September 15, 2008, Vol. 11, No. 183 Headlines A U S T R A L I A BRE STEEL: Members Opt to Liquidate Business BROJAM PTY: Placed Under Voluntary Liquidation EDWARD PARADE: To Declare Dividend on September 24 GLENPADDEN PTY: Liquidator Presents Wind-Up Report GRAPHIC ELECTRONIC: To Declare Dividend on September 24 HARMONY MONTESSORI: To Declare Dividend on September 24 MILD INVESTMENTS: Placed Under Voluntary Liquidation MURDWORDS TWO: Members Appoint Murdoch as Liquidator OCTAVIAR LIMITED: Goes Into Voluntary Administration ROSCOM PTY: To Declare Dividend on September 23 C H I N A CHINA MERCHANTS: Extends Wing Lung Deal Deadline by Six Weeks JIANGXI COPPER: Gets Regulatory OK to Issue CNY6.8 Billion Bonds ZTE CORP: Establishes Joint Venture Company With JSC Sitronics * CHINA: Annual Industrial Output Hits Six-Year Low in August H O N G K O N G APPLIED GOLD: Court to Hear Wind-Up Petition on October 22 COME ELEMENT: Court to Hear Wind-Up Petition on October 22 FRIGAID HK: Appoints Wong Tak Man Stephen as Liquidator IPMA TECHNOLOGIES: Court to Hear Wind-Up Petition on October 8 KITIME INDUSTRIES: Court to Hear Wind-Up Petition on October 22 MHK GLOBAL: Wind-Up Petition Hearing Set for October 15 VILY STAR: Subject to Nan Fung's Wind-Up Petition WING CHI: Subject to Nan Fung's Wind-Up Petition WING CHUEN: Members' Final Meeting Slated for October 6 I N D I A NIRU JEWELS: CARE Rates Rs. 33 Crore Bank Facilities at ‘BB+’ IFCI LTD: CARE Withdraws ‘CARE D’ Long & Medium Term Debt Rating JASUBHAI JEWELLERS: CRISIL Rates Rs. 500 Mil. Facilities at ‘BB’ I N D O N E S I A PT BANK: Fitch Holds 'BB' Foreign Currency Issuer Default Rating J A P A N * JAPAN: Economy Shrinks at 3% Annualized Pace in April-June Qtr. K O R E A MAGNACHIP SEMICONDUCTOR: Sees US185-190MM Revenue in the 3rd Qtr. MIJU STEEL: Lowers Bond Swap Price to KRW720 Per Share M A L A Y S I A BSA INTERNATIONAL: Receives Writ of Summon From HSBC Bank BSA INTERNATIONAL: Receives Demand of Payment From AmBank NIKKO ELECTRONICS: GP Battery Demands US$61,616 Payment TECHVENTURE BERHAD: Owes Maybank MYR32,058,524 of Debts WONDERFUL WIRE: MDV Demands Payment of MYR1.29 Million N E W Z E A L A N D A2 CORPORATION: Special Meeting Set on September 26 ALUMINIUM WINDOW: Shareholders Opt to Liquidate Business BPS AUTOS: Proofs of Debt Due on September 30 BRIDGECORP LTD: Two Directors Face New Charges CHOOK'S BAR: Proofs of Debt Due on September 20 DOMINION FINANCE: Under Securities Commission Inquiries EVEREST FASHIONS: Shareholders Placed Company Under Liquidation INDUSTRIAL SERVICES: Wind-Up Petition Hearing Set for September 26 JAPANESE PERFORMANCE: Proofs of Debt Due on September 23 LAND DEVELOPMENT: Wind-Up Petition Hearing Set for September 24 LANDMARK BUILDERS: Proofs of Debt Due on September 22 NATIONAL FINANCE: Liquidators Set September 19 as Claims Bar Date * NEW ZEALAND: Motor Vehicles and Supermarkets Curb Retail Sales P H I L I P P I N E S * PHILIPPINES: Debt Up by 0.9% to Php3.964 Trillion as of End June S I N G A P O R E BEST MARINE: Commences Liquidation Proceedings CETRAA PTE: Court Enters Wind-Up Order FOREX SYSTEM: Court Enters Wind-Up Order HOSPITALITYBEX PTE: Creditors' Proofs of Debt Due on October 6 - - - - - ================= A U S T R A L I A ================= BRE STEEL: Members Opt to Liquidate Business -------------------------------------------- BRE Steel Sales and Hire Pty Ltd's members agreed on July 14, 2008, to voluntarily liquidate the company's business. Steven Nicols was appointed to facilitate the sale of its assets. The liquidator can be reached at: Steven Nicols Nicols + Brien Telephone: (02) 9299 2289 Website: www.bankrupt.com.au BROJAM PTY: Placed Under Voluntary Liquidation ---------------------------------------------- Brojam Pty Ltd's members agreed on July 28, 2008, to voluntarily liquidate the company's business. Nicholas David Cooper and Andre Janis Strazdins were appointed to facilitate the sale of its assets. The liquidators can be reached at: BRI Partners Level 4 12 Pirie Street Adelaide SA 5000 EDWARD PARADE: To Declare Dividend on September 24 -------------------------------------------------- Edward Parade Pty Ltd will declare dividend on Sept. 24, 2008. Creditors who were unable to prove their debts on Sept. 2, 2008, are excluded from the dividend distribution. The company's liquidator is: Stephen J. Duncan KordaMentha Level 4, 70 Pirie Street Adelaide SA 5000 GLENPADDEN PTY: Liquidator Presents Wind-Up Report -------------------------------------------------- Glenpadden Pty Ltd held a meeting for its members on Sept. 12, 2008. At the meeting, the company's liquidator, Robert Elliott at Hall Chadwick, provided the attendees with property disposal and winding-up reports. The liquidator can be reached at: Robert Elliott Hall Chadwick Level 29, 31 Market Street Sydney NSW 2000 GRAPHIC ELECTRONIC: To Declare Dividend on September 24 ------------------------------------------------------- Graphic Electronic Industries Pty Ltd will declare dividend on Sept. 24, 2008. Creditors who were unable to prove their debts on Sept. 2, 2008, are excluded from the dividend distribution. The company's liquidator is: Christopher R. Powell KordaMentha Level 4, 70 Pirie Street Adelaide SA 5000 HARMONY MONTESSORI: To Declare Dividend on September 24 ------------------------------------------------------- Harmony Montessori Children’s House Association Inc will declare dividend on Sept. 24, 2008. Creditors who were unable to prove their debts on Sept. 2, 2008, are excluded from the dividend distribution. The company's liquidator is: Ginette Muller KordaMentha (Qld) 22 Market Street Brisbane QLD 4000 Telephone: (07) 3225 4000 Facsimile: (07) 3225 4999 MILD INVESTMENTS: Placed Under Voluntary Liquidation ---------------------------------------------------- Murdwords Two Pty Limited's members agreed on July 25, 2008, to voluntarily liquidate the company's business. Ian Baker was appointed to facilitate the sale of its assets. MURDWORDS TWO: Members Appoint Murdoch as Liquidator ---------------------------------------------------- Murdwords Two Pty Limited's members agreed on July 25, 2008, to voluntarily liquidate the company's business. Brian Murdoch was appointed to facilitate the sale of its assets. OCTAVIAR LIMITED: Goes Into Voluntary Administration ---------------------------------------------------- Octaviar Limited has appointed Messrs. John Greig and Nicholas Harwood of Deloitte as Voluntary Administrators. The directors of three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar Investment Bonds Limited, have also appointed Messrs. Greig and Harwood as Voluntary Administrators. Octaviar said that as previously disclosed, the Octaviar Group must reach an accommodation with its large secured creditors. To achieve that outcome the Group had made separate proposals to all of its large creditors. Some creditors had accepted the offer and others were either in discussions with the company regarding those proposals or were considering their position. On Sept. 8, 2008, the majority of the holders of the listed Notes voted at two meetings of Noteholders to adjourn those meetings to Sept. 30, 2008, to allow those Noteholders further time to consider their position. The following day, Sept. 9, 2008, that same majority Noteholders advised that they did not intend to accept the proposal put to them. Given these new circumstances the Directors considered an accommodation with the Group's creditors would be best pursued by the appointment of voluntary administrators. On Sept. 9, 2008, the Public Trustee of Queensland was granted an interim injunction preventing the Directors from appointing voluntary administrators. That injunction was lifted on Saturday, Sept. 13, 2008, by order of the Supreme Court of Queensland. Octaviar said its directors, management and staff look forward to working with the Voluntary Administrators to achieve an accommodation with all creditors to produce a better outcome for stakeholders than liquidation. About Octaviar Limited Headquartered in Southport, Queensland, Australia, Octaviar Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as an Investment Management business with a portfolio of businesses and assets, including: operating businesses in the leisure and childcare sectors; real estate portfolio; 35% interest in the Stella Group; operating businesses which hold AFSL licenses and act as Responsible Entity for a number of Managed Investment Schemes. ROSCOM PTY: To Declare Dividend on September 23 ----------------------------------------------- Roscom Pty Ltd will declare dividend on Sept. 23, 2008. Creditors who were unable to prove their debts on Sept. 2, 2008, are excluded from the dividend distribution. The company's liquidator is: Susan Carter Worrells Solvency & Forensic Accountants Level 6, 50 Cavill Avenue Surfers Paradise QLD 4217 Telephone: (07) 5553 3407 Facsimile: (07) 5570 1884 ========= C H I N A ========= CHINA MERCHANTS: Extends Wing Lung Deal Deadline by Six Weeks ------------------------------------------------------------- China Merchants Bank has extended the deadline for fulfilling the conditions of acquiring Wing Lung Bank by about six weeks, Tony Munroe of Reuters reports. On August 15, 2008, the Troubled Company Reporter-Asia Pacific, citing Bloomberg News, reported that China Merchants Bank is confident it will secure regulatory approval for the acquisition of Hong Kong's Wing Lung Bank. According to that report, 91% of China Merchants Bank's shareholders approved the plan to purchase stakes in Hong Kong-based Wing Lung Bank for more than CNY17 billion (US$2.5 billion), providing the lender will have greater access to the Hong Kong market. Reuters relates China Merchants said it had extended a deadline for fully satisfying conditions of the acquisition to Oct. 27 from Sept 14. According to Reuters, the bank did not say which conditions it was unlikely to fulfill on time, but said it does not expect to face any difficulty in meeting the conditions by the extended deadline. China Merchants Bank -- http://www.cmbchina.com/-- is the second largest bank among China's 12 nationwide shareholding commercial banks. It was established in 1987 and listed on the Shanghai Stock Exchange in 2002. The Ministry of Communications-owned China Merchants Group is the bank's main shareholder with a 26 percent stake (through various companies). The bank had 410 banking outlets nationwide and 17,829 employees at end-2004. * * * China Merchants Bank continues to carry Moody's "D+" bank financial strength rating. The outlook is stable. On August 3, 2006, the Troubled Company Reporter-Asia Pacific reported that Fitch Ratings upgraded its Individual rating on China Merchants Bank to 'D' from 'D/E'. At the same time, the bank's Support rating was affirmed at '3'. JIANGXI COPPER: Gets Regulatory OK to Issue CNY6.8 Billion Bonds ---------------------------------------------------------------- Jiangxi Copper Company Limited had obtained approval from the securities regulator to issue up to CNY6.8 billion of convertible bonds with warrants, Reuters reports. Jiangxi Copper, the report relates, originally disclosed plans for the bond issue in January to fund acquisitions and repay debts. According to the report, about CNY2.14 billion of funds raised would be used to buy assets including copper, gold and molybdenum- related businesses. Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. * * * The company continues to carry Xinhua Far East China Ratings' "BB+" issuer credit rating. ZTE CORP: Establishes Joint Venture Company With JSC Sitronics -------------------------------------------------------------- ZTE Corporation has established Sitronics-ZTE Ltd., a joint venture, with JSC Sitronics. Sitronics-ZTE will focus on the development and production of telecommunications equipment, CDMA terminals and specialized electronic products. The joint venture expects to launch a research and development centre. The joint venture company will be established in the city of Hangzhou in the East of China. Sitronicsholds a 51% stake in the joint venture, with ZTE Corporation owning the remaining 49%. The Company's Board of Directors will comprise three representatives from Sitronicsand two from ZTE Corporation. Hurem Nihad, a member of SITRONICS' Board of Directors, has been appointed as Chairman of the joint venture company's Board of Directors. ZTE Corporation's representative will be appointed as CEO, and SITRONICS' representative will be appointed as CFO. Sergey Aslanian, President and Chief Executive Officer of SITRONICS, commented: "This joint venture is one of our key projects and is in line with our strategic development plan. It will enable us to migrate our mass manufacturing and production capacity from Europe to South-East Asia, thereby improving efficiency levels and reducing costs." About Sitronics Sitronics is a leading provider of telecommunication solutions, including software, equipment and systems integration, IT solutions and microelectronic solutions in Russia and the Commonwealth of Independent States with a strong presence in Central and Eastern Europe and a growing presence in the Middle East and Africa. Sitronics serves over 3,500 clients, maintains offices in 32 countries and exports its products and services to more than 60 countries. Sitronics has over 11,000 employees of whom approximately 4,500 are involved in research and development. Sitronics' key Telecommunication Solutions operations are based in Prague, Czech Republic and Athens, Greece, while the company's IT Solutions and Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively. Sitronics generated revenues of US$ 926.8 million for the six months ended June 30, 2008 and had total assets of US$ 2.2 billion at the end of the period. Sitronicsis majority owned by Sistema, the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector. Sitronics has developed strategic alliances in its home markets with Cisco Systems, STMicroelectronics, Infineon and Giesecke & Devrient in relation to certain products and services. Sitronics has vendor relationships with Siemens, Ericsson, Motorola, ORACLE, Intel, Sun Microsystems and Microsoft. Key customers include Sistema group companies, such as MTS, Comstar UTS and MTT, and also OTE, Cosmote, Vodafone, Ericsson, Arcelor Mittal (formerly Mittal Steel) and TCL. About ZTE ZTE Corporation -- http://www.zte.com.cn --is a leading global provider of telecommunications equipment and network solutions. The ZTE product range is the most complete in the world - covering virtually every sector of the wireline, wireless, service and terminals markets. The company delivers innovative, custom-made products and services to customers in more than 135 countries, helping them to achieve continued revenue growth and to shape the future of the world's communications. ZTE commits around 10% of annual turnover to research and development and takes a leading role in a wide range of international bodies developing emerging telecoms standards. It is the fastest growing telecoms equipment company in the world, and is China's only listed telecoms manufacturer, with shares publicly traded on both the Hong Kong and Shenzhen Stock Exchanges. * * * The Troubled Company Reporter-Asia Pacific reported on April 24, 2008, that Fitch Ratings affirmed ZTE Corporation's Long-term foreign currency and local currency Issuer Default Ratings at 'BB+'. The rating Outlook remains Stable. In December 2006, Fitch Ratings assigned ZTE Corp. Long-term foreign and local currency Issuer Default ratings of 'BB+'. The rating Outlook is Stable. * CHINA: Annual Industrial Output Hits Six-Year Low in August ------------------------------------------------------------- China's annual industrial output grew 12.8% in the year to August, the lowest in six years, from July's reading of 14.7% and market forecasts of a 14.5% rise, dented by the temporary closure of hundreds of factories for the Olympics, Reuters reports. Economists, the report relates, blamed the government's clean air drive that ordered polluting factories to close temporarily, halting construction in the capital and imposing transport curbs. "The substantial deceleration in August industrial production growth was mainly the result of Olympic-related production restrictions, and we expect growth to rebound to more normal levels after these restrictions are lifted in late September," Reuters cited economists at Goldman Sachs as saying. According to the report, statistics office's data said output of cement, steel, iron and chemicals -- all industries that belch out a lot of pollution -- slowed markedly last month. However, economists said that the low foreign demands, and the country's tight monetary policy and weak asset markets are also attributable to the output decline, the report says. "Overall, the economy will continue to decelerate in the next one to two years, and exports and real estate investment will be the main sources of weakness," Jun Ma, chief China economist at Deutsche Bank in Hong Kong, was quoted by Reuters as saying. Reuters says Deutsche is forecasting economic growth of 9% next year, down from 10.4% in the first half of this year and 11.9% in all of 2007, the fifth straight year of double-digit expansion. Meanwhile, Reuters notes that retail sales grew 23.2% in the year to August, just off July's record pace of 23.3% even though inflation fell sharply last month and so should have dragged down the headline figure. Rising incomes, the report points out, are fuelling consumption. Urban incomes rose 14.4% in the first half from a year earlier, or 6.3% after inflation; rural cash incomes jumped 19.8%, or 10.3% in real terms, Reuters adds. =============== H O N G K O N G =============== APPLIED GOLD: Court to Hear Wind-Up Petition on October 22 ---------------------------------------------------------- The High Court of Hong Kong will hear on October 22, 2008, at 9:30 a.m., a petition to have Applied Gold Corporation Limited's operations wound up. Chinese Estates (Harcourt House) Limited filed the petition against the company on August 26, 2008. Chinese Estates' solicitors are: S.Y. Wong & Co. The Center, Room 3108, 31st Floor 99 Queen's Road Central Hong Kong COME ELEMENT: Court to Hear Wind-Up Petition on October 22 ---------------------------------------------------------- A petition to have Come Element Limited's operations wound up will be heard before the High Court of Hong Kong on October 22, 2008, at 9:30 a.m. Bank of China (Hong Kong) Limited filed the petition against the company on August 25, 2008. Bank of China's solicitors are: Anthony Chiang & Partners Lippo Centre, 3903 Tower 2 89 Queensway, Central Hong Kong FRIGAID HK: Appoints Wong Tak Man Stephen as Liquidator ------------------------------------------------------- On August 11, 2008, Wong Tak Man Stephen was appointed as liquidator of Frigaid HK & Traders Limited in place of Stephen Briscoe. The company's Liquidator can be reached at: Wong Tak Man Stephen RSM Nelson Wheeler Corporate Advisory Limited Caroline Centre, 29th Floor Lee Gardens Two 28 Yun Ping Road Hong Kong IPMA TECHNOLOGIES: Court to Hear Wind-Up Petition on October 8 -------------------------------------------------------------- A petition to have IPMA Technologies International Limited's operations wound up will be heard before the High Court of Hong Kong on October 8, 2008, at 9:30 a.m. Fang Xiu Zhu filed the petition against the company on July 28, 2008. KITIME INDUSTRIES: Court to Hear Wind-Up Petition on October 22 --------------------------------------------------------------- A petition to have Kitime Industries Limited's operations wound up will be heard before the High Court of Hong Kong on October 22, 2008, at 9:30 a.m. The petitioner's solicitors are: Chris H.M. Yuen & Co. Wold-Wide House, Room 804B 18 Des Voeux Road Central Hong Kong MHK GLOBAL: Wind-Up Petition Hearing Set for October 15 ------------------------------------------------------- A petition to have MHK Global Resources Company Limited's operations wound up will be heard before the High Court of Hong Kong on October 15, 2008, at 9:30 a.m. Lai Mei Lin filed the petition against the company on August 11, 2008. Lai Mei's solicitors are: Messrs. C.W. Lau & Co. Tung Ning Building, Room 705B, 7th Floor 249-253 Des Voeux Road Central Hong Kong VILY STAR: Subject to Nan Fung's Wind-Up Petition ------------------------------------------------- On August 15, 2008, Nan Fung Finance Limited filed a petition to have Vily Star Investment Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on October 22, 2008, at 9:30 a.m. Nan Fung's solicitors are: Messrs. Peter C. Wong, Chow & Chow Admiralty Centre, Tower 1 Room 2204, 22nd Floor No. 18 Harcourt Road Hong Kong Telephone: 2520 0383 Facsimile: 2810 0280 WING CHI: Subject to Nan Fung's Wind-Up Petition ------------------------------------------------ On August 15, 2008, Nan Fung Finance Limited filed a petition to have Wing Chi Engineering Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on October 22, 2008, at 9:30 a.m. Nan Fung's solicitors are: Messrs. Peter C. Wong, Chow & Chow Admiralty Centre, Tower 1 Room 2204, 22nd Floor No. 18 Harcourt Road Hong Kong Telephone: 2520 0383 Facsimile: 2810 0280 WING CHUEN: Members' Final Meeting Slated for October 6 ------------------------------------------------------- The members of Wing Chuen (Hong Kong) Company Limited will hold their final meeting on October 6, 2008, at 10:00 a.m., at 30th Floor, 99 Hennessy Road, in Wanchai, Hong Kong. At the meeting, Li Tie Hu, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= NIRU JEWELS: CARE Rates Rs. 33 Crore Bank Facilities at ‘BB+’ ------------------------------------------------------------- CARE assigned ‘CARE BB+’ (Double B Plus) rating to the long-term bank facilities of Niru Jewels Private Limited aggregating Rs. 33 crore. Instruments with this rating are considered to offer moderate safety for timely servicing of debt obligations and carry moderate credit risk. The rating considers the track record of promoters and generation of export revenues. However, the rating is constrained by small size of business which is closely held and family managed, high dependence on few customers, uninsured receivables and concentration of exports to few destinations. The rating is further constrained by high correlation of prospects of the business with industry performance, declining trend in profitability margins and long working capital cycle. Further, strong competition from large number of players in organized and unorganized sectors and economic slowdown in key consumer markets are the key rating sensitivities. Niru Jewels Private Limited (NJPL) was incorporated on Sep. 10, 2003 as a manufacturer of diamond studded jewellery. Soon after its incorporation, there was a labour strike in the factory which totally halted the production. Despite having orders in hand, due to disruption on account of the strike, the company could not commence production till FY06. It was in FY07 that the company utilized its entire capacity. The company is headed primarily by Mr. Govardhan Vanani and his son Mr. Amit Vanani. Both of them have vast experience and in depth knowledge of diamond industry. As on March 31 2008, the company had two associate firms namely – M/s Niru Impex which is into manufacturing of cut and polished diamonds and M/s Niru Creations which is into manufacturing of high end diamond studded jewellery. NJPL sources its diamond requirements from its associate company, M/s. Niru Impex and also from outside markets. Since the jewellery is manufactured based on order, the gold requirement is met backed by the orders. The jewellery is exported predominantly to select few customers in Hong Kong and USA. During FY07, majority of sales were to USA which contributed 93% of total sales. Whereas in FY08 the proportion of sales to USA declined considerably to 38% on account of ongoing recession, however, sales to Hong Kong increased, which contributed 55% of total revenues. At present, the company has negligible presence in other international markets. During FY08, despite increase in total income by 8% to Rs. 126 crore, PBILDT declined by 33% to Rs.17crore. This was on account of many factors viz. lower demand of jewellery in US markets due to the recession, additional duty imposed by US government for import on jewellery from India (w.e.f July1, 2007), rupee appreciation and lower realizations from Hong Kong market. Interest cost increased by 24% and 20% Y-O-Y during FY07 and FY08 respectively on account of higher dependence on working capital borrowings coupled with increase in interest rates of foreign currency loans. PAT witnessed a dip in FY08 by 47 % to Rs. 12 crore, on account of lower PBILDT along with increase in interest cost. As on March 31 2008, debt to equity and overall gearing ratios improved marginally and stood at 0.02 times and 0.83 times respectively on account of increase in tangible networth. Current ratio was 1.52x as on March 31 2008 as compared to 1.33x as on March 31, 2007, on account of increase in receivables and inventories. As on March 31 2008, receivables and inventories comprised of 64% and 28% of total current assets whereas bank borrowings formed 48% of total current liabilities. As on March 31 2008, the receivables as percentage to sales increased to 53% as compared to 26% as during the corresponding previous year. This resulted in increase in working capital cycle and increase in credit terms due to recession in USA. Thus, the scenario of uninsured receivables, recession in global markets coupled with small customer base of NJPL, increases the risk of impact of bad debts on its business. IFCI LTD: CARE Withdraws ‘CARE D’ Long & Medium Term Debt Rating ---------------------------------------------------------------- Credit Analysis & Research Ltd. has withdrawn ‘CARE D’ rating, assigned to the Long & Medium Term Debt of IFCI Ltd with immediate effect. The withdrawal of the rating takes into account the restructuring of the rated instruments at terms substantially different from the original terms of the issue. As reported in the Troubled Company Reporter-Asia Pacific on April 3, 2007, CARE retained a CARE D rating to the Long & Medium Term Debt aggregating INR91.36 crore. The amount represents the outstanding non-restructured amount under the Bonds series which have been rated by CARE. Instruments carrying this rating are judged to be of the lowest category. They are either in default or likely to be in default soon. IFCI has informed CARE that they have offered prepayment to the investors who have non-restructured bonds. IFCI Limited -- http://www.ifciltd.com/-- is established to cater the long-term finance needs of the industrial sector. The principal activities of IFCI include project finance, financial services, non-project specific assistance and corporate advisory services. Project finance involves providing credit and other facilities to green-field industrial projects (including infrastructure projects), as well as to brown-field projects. Financial services covers a range of activities wherein assistance is provided to existing concerns through various schemes for the acquisition of assets, as part of their expansion, diversification and modernization programs. Non-project specific assistance is provided in the form of corporate/short-term loans, working capital, bills discounting, etc to meet expenditure, which is not specifically related to any particular project. Its investment portfolio includes equity shares, preference shares, security receipts and government securities. JASUBHAI JEWELLERS: CRISIL Rates Rs. 500 Mil. Facilities at ‘BB’ ---------------------------------------------------------------- CRISIL has assigned its bank loan ratings of ‘BB/Stable/P4’ to the various bank facilities of Jasubhai Jewellers Private Limited (JJPL). Rs.450.0 Million Cash Credit Limit BB/Stable(Assigned) Rs.72.5 Million Term Loan BB/Stable(Assigned) Rs.100.0 Million Proposed Short Term Bank Facility P4(Assigned) The ratings reflect JJPL’s weak financial risk profile and the highly-competitive nature of the Ahmedabad jewellery market, resulting in low operating margins. These weaknesses are, however, partly offset by the promoters’ long-standing experience in the jewellery segment. Outlook: Stable JJPL has a weak financial risk profile, marked by high gearing levels and low cash accruals. The outlook may be revised to ‘Positive’ if improvements in margins and gearing result in an improvement in JJPL’s financial risk profile. Conversely, deterioration in capital structure due to debt-funded capital expenditure may result in a revision in outlook to ‘Negative’. About JJPL Incorporated in 2002 as CG Jewellers Pvt Ltd by Mr. Jasubhai Soni, the company is engaged in export, and wholesale and retail of jewellery. Currently, the company has one showroom in the Vastrapur area of Ahmedabad, and is in the process of setting up another showroom in the city. The company has its own manufacturing set-up in Ahmedabad and Sachin SEZ, Gujarat. For 2006-07 (refers to financial year, April 1 to March 31), JJPL reported a profit after tax (PAT) of Rs.4.02 million on sales of Rs.1223 million, as against a PAT of Rs.1.93 million on sales of Rs. 1050 million for 2005-06. ================= I N D O N E S I A ================= PT BANK: Fitch Holds 'BB' Foreign Currency Issuer Default Rating ---------------------------------------------------------------- Fitch Ratings has affirmed PT Bank Internasional Indonesia Tbk's Long-term foreign currency Issuer Default Rating at 'BB', Short- term IDR at 'B', Individual rating at 'C/D', Support rating at '3' and National Long-term rating at 'AA-(idn)'. At the same time, the rating on its US$ surbordinated debt has been affirmed at 'BB-'. The Outlook for the long-term ratings remains Stable. BII's Long-term foreign currency IDR is driven mainly by its standalone financial profile as reflected in its Individual rating of 'C/D', which in turn takes into account its satisfactory profitability and balance sheet position. This is notwithstanding the current uncertainty over the outcome of the sale of Sorak Financial Holdings' majority interest in BII to Malayan Banking Berhad (Maybank, 'A-'/Rating Watch Evolving); although Fitch believes that the current Support rating of '3', which reflects a moderate probability of support, has factored in some level of uncertainty about its ownership. Beyond this, the agency believes that there is also a likelihood of moderate state support for the bank as BII is the eighth largest bank in Indonesia by assets. However, the situation will continue to be monitored and the ratings may be reviewed again if necessary, taking note that the sale agreement between Sorak and Maybank is due to expire on 26 September 2008. BII's profitability as measured by ROA recovered to 1.2% of average assets in H108 partly on account of lower provisions. Although income was bolstered by some one-off non-operating gains in H108, there was also modest improvement in core operating income due to stronger loan growth and higher interest margin - some of which were offset by trading and revaluation losses on its securities portfolio. Total CAR declined to 18.6% at end-June 2008 but remained in line with internal CAR targets of 15-18%. According to Fitch calculations, consolidated provision cover improved to 70.3% of consolidated NPLs at end-June 2008 while the NPL ratio declined to 3.4% at end-June 2008 (2007: 3.6%). ========= J A P A N ========= * JAPAN: Economy Shrinks at 3% Annualized Pace in April-June Qtr. ----------------------------------------------------------------- Japan's economy shrank at an annualized pace of 3% during the April-June quarter, revising down an earlier estimate, Yuka Hayashi of The Wall Street Journal reports. The government, the report relates, had revised down its second- quarter data for gross domestic product, the widest measure of the nation's economic activity. Japan said the most recent data reflects a bigger-than expected decline in corporate capital spending, the report notes. On August 14, 2008, the Troubled Company Reporter - Asia Pacific, citing Agence France-Presse, reported that Japan's economy contracted by 0.6% in the three months to June from the previous quarter. The Cabinet Office said the country's gross domestic product shrank by 2.4 percent on an annualised basis, the first contraction in one year. WSJ says the contraction was the largest in nearly seven years and follows two quarters of above-average growth. According to TCR-AP, the slowing global economy took a heavy toll on Japanese exports, which tumbled 2.3% in the second quarter. Household spending fell 0.5% as soaring commodity and food prices, coupled with sluggish wages, prompted consumers to tighten their purse strings, the report said. Economists, WSJ points out, say the economy could shrink again in the third quarter, albeit at a more modest pace. That would put Japan in a recession, which is defined widely as two consecutive quarters of GDP declines. However, many economists also say they expect Japan will bounce back from the current slowdown much more easily than in the past, as many companies, particularly large corporations, are learner and more efficient after years of restructuring, the report adds. ========= K O R E A ========= MAGNACHIP SEMICONDUCTOR: Sees US185-190MM Revenue in the 3rd Qtr. ----------------------------------------------------------------- MagnaChip Semiconductor Ltd. updated its financial guidance for the second half of 2008. Based on customer forecasts and the status of design wins, the company expects revenue for the third quarter of 2008 to be in the range of US$185 million to US$190 million. EBITDA for the third quarter of 2008 is expected to be in the range of US$11 million to US$13 million. The Company currently expects revenue for the fourth quarter of 2008 to be in the range of US$210 million to US$220 million. Sang Park, Chairman and CEO of MagnaChip Semiconductor, commented, "We have updated our guidance to reflect lower than expected demand, as our customers continue to tighten their inventory control due to the current uncertain economic environment. In spite of the challenging external markets, we are confident we can meet our updated revenue ranges. We continue to add new accounts and to offer new products and services which we expect to contribute to our revenue performance in future quarters." Robert Krakauer, President and CFO of MagnaChip Semiconductor, said, "In spite of the tough environment, our new product development and operational execution continue to improve. We remain focused on improving profitability as a corporate priority. Overall, we believe we are well-positioned for strong performance throughout 2009." About MagnaChip Semiconductor Based in Korea, MagnaChip Semiconductor Limited-- http://www.magnachip.com/-- is a leading, Asia-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications, such as mobile phones, digital televisions, flat panel displays, notebook computers, mobile multimedia devices and digital cameras. The Company has a broad range of analog and mixed-signal semiconductor technology, supported by its 28-year operating history, large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 10, 2007, that Moody's Investors Service confirmed the B2 corporate family rating of MagnaChip Semiconductor LLC. At the same time, Moody's confirmed the ratings of the debt issued by MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor S.A., including: 1) B1 rating of the US$100 million five-year senior secured credit revolver 2) B2 rating of the US$500 million aggregate floating and fixed-rate second-priority senior secured notes due 2011 3) Caa1 rating of the US$250 million senior subordinated notes due 2014 On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its corporate credit rating on MagnaChip to 'B' from 'B+'. At the same time, S&P lowered the rating on MagnaChip's senior unsecured debt to 'B' from 'B+' and rating on its senior subordinated notes due 2014 to 'CCC+' from 'B-'. MIJU STEEL: Lowers Bond Swap Price to KRW720 Per Share ------------------------------------------------------ Miju Steel Co. Limited has adjusted the conversion price of its 21st convertible bonds to KRW720 from KRW855 per share, Reuters reports. Miju Steel Mfg Co. Ltd. -- http://www.mijusteel.com/-- is a Korea-based company engaged in the provision of steel pipes. The company produces under three products categories: electric resistance welded (ERW) carbon steel pipes which are used for water supply facilities, buildings, bridges, bicycles, telegraph poles and hand rails; stainless steel pipes, which are used for textile, chemical, paper, pharmaceutical, food and semiconductor factories, and spirally-welded steel pipes, which are used for foundation of buildings, bridges and harbors. During the year ended December 31, 2007, the company had a production capacity of 301,200 tons of steel pipes and its actual output was 178,369 tons of steel pipes. In 2007, stainless steel pipes, spirally- welded steel pipes and ERW pipes accounted for approximately 39%, 33% and 25% of the Company’s total revenue, respectively. * * * The company continues to carry a B+ (Stable) rating placed by Korea Ratings on June 10, 2008. =============== M A L A Y S I A =============== BSA INTERNATIONAL: Receives Writ of Summon From HSBC Bank --------------------------------------------------------- Pursuant to Practice Note No. 1/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad, BSA International Berhad disclosed that the company was served with a writ of summon by HSBC Bank Malaysia Berhad in relation to the Term Loan facilities granted to BSA Manufacturing Sdn Bhd (BSAM) and CAM Component Alloy Manufacturing Sdn Bhd (CAM), the wholly owned subsidiaries of the company on the basis that it has provided Letters of Awareness to the Bank for the facilities granted: -- MYR5,095,330.54 being the principal and interest overdue under the Term Loan Facility and MYR73,184.71 being the accrued interest on various past due bills under the Combined Import/Export Line Facility granted to BSAM; and -- MYR5,100,847.01 being the principal and interest overdue under the Term Loan Facility and MYR84,750.34 being the accrued interest on various past due bills under the Combined Import/Export Line Facility granted to CAM. BSAM and CAM constitute the major subsidiaries of the company due to its 100% ownership. There is no additional financial and operational impact of the writ of summon on BSA Group as the company has announced that it has defaulted in payments under Practice Note No. 1/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad on June 2, 2008, and triggered the requirement under Practice Note No. 17/2005 of the Listing Requirements of Bursa Malaysia on June 9, 2008. The Company has until February 8, 2009, to submit a Regularization Plan to the relevant authorities for approval. BSA International Berhad is a Malaysia-based investment holding company. The company operates in two business segments: manufacturing, which is engaged in manufacturing of alloy wheels and related accessories, and trading, which is engaged in trading of alloy wheels, tires and related accessories. Other business segments include investment holding, provision of services and promotion of motor sport events. The company's subsidiaries include BSA International (Labuan) Plc., CAM International Limited, BS Automotive (M) Sdn. Bhd., BSA Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive and BSA Racing Team Sdn. Bhd. BSA INTERNATIONAL: Receives Demand of Payment From AmBank --------------------------------------------------------- In a filing with the Bursa Stock Exchange, BSA International Berhad disclosed it has been served with Notices by AmBank (M) Berhad, pursuant to Section 218 of the Companies Act, 1965, which were served against BSA Manufacturing Sdn Bhd (BSAM), BS Automotive (M) Sdn Bhd (BS Auto) and Silver Dove Sdn Bhd (SD), the wholly owned subsidiaries of the company for claims in relation to banking facilities granted by AmBank to its subsidiaries: -- total sum of MYR8,919,618.58 utilized by BSAM under the Banker Acceptance, Packing Credit Advance and Overdraft facilities together with interest accruing thereon; -- total sum of MYR2,298,451.71 utilized by BS Auto under the Banker Acceptance, Trust Receipt and Overdraft facilities together with interest accruing thereon; and -- total sum of MYR3,152,476.02 utilized by SD under the Banker Acceptance and Overdraft facilities together with interest accruing thereon. BSAM, BS Auto and SD constitute the major subsidiaries of the company due to its 100% ownership. There is no additional financial and operational impact of the writ of summon on BSA Group as the company has announced that it has defaulted in payments under Practice Note No. 1/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad on June 2, 2008 and triggered the requirement under the Amended Practice Note No. 17/2005 of the Listing Requirements of Bursa Malaysia on June 9, 2008. The company has until February 8, 2009, to submit a Regularization Plan to the relevant authorities for approval. BSA International Berhad is a Malaysia-based investment holding company. The company operates in two business segments: manufacturing, which is engaged in manufacturing of alloy wheels and related accessories, and trading, which is engaged in trading of alloy wheels, tires and related accessories. Other business segments include investment holding, provision of services and promotion of motor sport events. The company's subsidiaries include BSA International (Labuan) Plc., CAM International Limited, BS Automotive (M) Sdn. Bhd., BSA Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive and BSA Racing Team Sdn. Bhd. NIKKO ELECTRONICS: GP Battery Demands US$61,616 Payment ------------------------------------------------------- Nikko Electronics Bhd. disclosed that on September 11, 2008, a notice pursuant to Section 218 of the Companies Act 1965 has been served on Nikko by Christina Chia Ng & Partners, Advocates & Solicitors acting for GP Battery Marketing (S) Pte Ltd, demanding the payment of US$61,616.53 being monies due and owing to them as at July 31, 2008. Nikko is given 21 days from the date of receipt of the notice to settle the said outstanding debts, failing which, winding up proceedings will be taken against the company. Nikko is seeking the necessary legal advice to resolve this matter. About Nikko Nikko Electronics Berhad manufactures sells radio controlled toys, electronic and toy related products. The Group operates in Malaysia, United States of America, France, Japan, United Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark, Austria, Spain, Australia and other countries. * * * On June 30, 2008, Nikko Electronics Bhd. was classified as an affected listed issuer under Practice Note 1/2001 (PN1/2001) of the Listing Requirements of Bursa Malaysia Securities Berhad because it had defaulted on a bankers' acceptance facility due on June 27, 2008, for an amount of MYR1,457,084 due to Malayan Banking Berhad. Nikko is unable to repay the liability to the bank due to the difficult cash flow position as a result of the contraction in the remote-control toys industry. The company had been loss-making and its ventures to manufacture new products had also failed to make a profitable contribution to it. Nikko will also be suspending its business activities to prevent incurring further losses. TECHVENTURE BERHAD: Owes Maybank MYR32,058,524 of Debts ------------------------------------------------------- In a filing with the Bursa Stock Exchange, Techventure Bhd disclosed that Malayan Banking Berhad has served a summons and a statement of claim on the company for an amount of MYR32,058,524 in respect of a loan owed by the company to Maybank. The loan from Maybank is part of the total debts owed by the company and its subsidiaries that are being restructured under a proposed restructuring scheme submitted to the Securities Commission whose decision is being awaited. The company has referred the summons and claim to its solicitors who are considering the matter in consultation and will approach Maybank to resolve the matter. About Techventure Berhad Techventure Berhad is based in Selangor, Malaysia. Apart from being a corrugated cartons manufacturer, the Group is also involved in the production of rubber insulation materials and roto-molded plastic products like septic tanks, playground equipment, traffic barriers, and water tanks. It markets its entire corrugated cartons and plastic products locally while about 80% of the rubber insulation materials are exported. In addition, the Group also manufactures ice cream. * * * The Troubled Company Reporter-Asia Pacific reported on May 10, 2006, that Bursa Malaysia Securities Berhad identified Techventure Berhad as an affected listed issuer having triggered two of the criteria of the Amended Practice Note 17 category. The company fell under the category because: -- the auditors have expressed a modified opinion with emphasis on Techven's going concern status in the latest audited accounts for the financial year ended Dec. 31, 2005, and -- there are defaults in payment by Techven and its major subsidiaries as announced pursuant to Practice Note No. 1 and Techven is unable to provide a solvency declaration to Bursa Malaysia Securities Berhad. WONDERFUL WIRE: MDV Demands Payment of MYR1.29 Million ------------------------------------------------------ Wonderful Wire & Cable Berhad disclosed that it has been served with a notice by Messrs. Cheah Teh & Su acting for Malaysia Debt Ventures Bhd (MDV), demanding the payment of MYR1,292,216.86 being the principal sum, accrued and default interests, and costs owed to MDV as at September 3, 2008. WWC is given 21 days from the receipt of the Notice to settle the outstanding debts, failing which, a wind-up petition may be filed against the company. WWC is seeking the necessary legal advice to resolve this matter. About Wonderful Wire Wonderful Wire & Cable Berhad is a Malaysia-based company that is engaged in the manufacture and trading of all kinds of electrical wires and cables. The principal activities of the company's subsidiaries include the investment holding, provision for oil, gas and petroleum engineering, and design engineers and contractors. Its subsidiaries include Wonderful Industries Sdn. Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia) Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M) Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the company acquired the remaining 40% interest in WWC Sealing (Malaysia) Sdn Bhd. The principal activity of WWC Sealing (Malaysia) Sdn Bhd is to design, manufacture and market different ranges of industrial seal and gasket. On December 3, 2007, the company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category as the company's shareholders' equity on a consolidated basis for the unaudited results is less than 25% of the issued and paid-up capital for the third quarter ended Sept. 30, 2007. ==================== N E W Z E A L A N D ==================== A2 CORPORATION: Special Meeting Set on September 26 --------------------------------------------------- A2 Corporation Limited has sent to shareholders a Notice of Special Meeting to be held at 3:00 p.m. on Sept. 26, immediately following the company's Annual Meeting on the same day. The Special Meeting has been called to consider and if appropriate ratify the recent placements of new shares to Child Health Research Foundation (CHRF) and AMP Capital Investors. Shareholders have also been asked to approve a placement of 50,000,000 new shares in the company at an issue price of 10 cents per share to an investment fund associated with the Chicago-based Equity Group Investments, LLC. The placement to EGI-Fund (08-10) Investors, LLC (EGI) will raise gross proceeds of NZ$5.0 million. Cliff Cook, Chairman of A2 Corporation said "We are delighted to be in a position to put to shareholders these resolutions relating to the commitments being made by various leading organizations. As a result of the recently completed rights issue, the placement to AMP Capital Investors and other NZ based institutional investors, and the proposed placement to EGI, A2 will be in a very strong financial position to take the business forward. The funds raised will ensure the company can take advantage of the opportunities in front of it without a requirement to return to minority shareholders for further capital." Mountain Road Investments Limited(48.08% shareholder in the company)is entitled to vote and has indicated it will vote in favour of the resolutions. None of AMP Capital Investors, CHRF or EGI is associated with Mountain Road. About A2 Corporation New Zealand-based A2 Corporation Ltd. (NZAX: ATM) -- http://www.a2corporation.com/-- is engaged in the sale and production of beta-casein A2 milk products. The company owns and licenses intellectual property that enables the identification of cattle for the production and subsequent marketing of A2 Milk. a2 milk is naturally produced to contain maximum amounts of a milk protein variant that is associated by a number of studies with potential benefits in some individuals. A2 Corporation Ltd receives royalty income from sales of A2 Milk products and testing for A2 cattle, and shares in the profits or losses of associates and subsidiaries formed for those purposes. * * * The company incurred three consecutive net losses of NZ$6.3 million, NZ$5.08 million and NZ$448,800 for the years ended March 31, 2008, 2007 and 2006, respectively. ALUMINIUM WINDOW: Shareholders Opt to Liquidate Business -------------------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Aluminium Window Solutions Limited resolved that the company be liquidated and that Stephen Mark Lawrence and Anthony John McCullagh, insolvency practitioners of Horwath Corporate (Auckland) Limited, be appointed as liquidators. Creditors are required to file their proofs of debt by Sept. 22, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Attn: Chris McCullagh Horwath Corporate (Auckland) Limited PO Box 3678, Auckland 1140 Telephone: (09) 306 7424 Facsimile: (09) 302 0536 BPS AUTOS: Proofs of Debt Due on September 30 --------------------------------------------- In accordance with section 241 of the Companies Act 1993, the shareholder of BPS Autos Limited, fka Wholesale Autos Limited, appointed Iain McLennan, insolvency practitioner of Auckland, as liquidator on Aug. 18, 2008. The liquidator sets Sept. 30, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: McLennan Associates Insolvency Advisers Level 4 143 Nelson Street, Auckland 1010 Telephone: (09) 303 9512 Facsimile: (09) 303 0508 BRIDGECORP LTD: Two Directors Face New Charges ---------------------------------------------- New and more serious Securities Act charges have been laid against Bridgecorp Ltd executive directors Rodney Petricevic and Robert Roest, the Securities Commission said in a statement. These additional charges arise from claims in the Bridgecorp prospectus about the company's record of making payments to investors. They carry a maximum penalty of 5 years imprisonment or fines of up to NZ$300,000. The charges have been laid by the Companies Office at the request of the Securities Commission, following further investigations into statements in the prospectus. The charges are laid under section 58 of the Securities Act. This makes it an offence to distribute a prospectus containing an untrue statement. The prosecution relates to claims in the company's prospectus that it had never missed an interest or principal payment. The charges allege that the company missed many payments from February 2007 until it was placed in receivership in July 2007, but continued to claim to the contrary in its prospectus. Those claims are also the subject of other Securities Act charges relating to the allotment of securities laid in June this year. The Commission, the Companies Office and the Serious Fraud Office are continuing their enquiries into Bridgecorp and other finance companies. As reported in the Troubled Company Reporter-Asia Pacific on June 25, 2008, citing New Zealand Herald, the Registrar of Companies' National Enforcement Unit is carrying out the prosecution of Messrs. Petricevic and Roest, who are facing charges under the Securities Act and the Companies Act. Particularly, the report said, they are charged with making a false statement to the trustee for the debenture holders when they signed a directors' certificate on April 30, 2007. About Bridgecorp Ltd New Zealand-based Bridgecorp Ltd was placed in receivership on July 2, 2007, after failing to pay principal due to debenture holders. John Waller and Colin McCloy, partners at PricewaterhouseCoopers, were appointed as receivers. The company owes around 1,800 debenture holders, which liquidators estimate hold approximately NZ$500 million. CHOOK'S BAR: Proofs of Debt Due on September 20 ----------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Chook’s Bar Ltd resolved that the company be liquidated and that Grant Bruce Reynolds, be appointed as liquidator. Creditors are required to file their proofs of debt by Sept. 20, 2008, to be included in the company's dividend distribution. The Liquidator can be reached at: Grant Bruce Reynolds Reynolds and Associates Limited PO Box 259059 Greenmount, Auckland Telephone: (09) 526 0743 Facsimile: (09) 526 0748 DOMINION FINANCE: Under Securities Commission Inquiries ------------------------------------------------------- Dominion Finance Holdings Limited disclosed in a regulatory filing that in June 2008, in response to media inquiries, NZX Regulation commented publicly that it was undertaking a review of Dominion Finance Holdings Limited's compliance with its continuous disclosure obligations. This was not unexpected, the company said, given the decline in DFH's share price over the last few months, in particular following DFH's announcement it wished to pro actively explore a moratorium for its two operating subsidiaries. DFH said the NZX Regulation closed its file on July 14, 2008, and has referred the matter to the Securities Commission. DFH intends to fully co-operate with any inquiries the Securities Commission chooses to undertake. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 11, 2008, the company's trustee Perpetual Trust Limited has appointed Rodney Gane Pardington and Barry Phillip Jordan, both Chartered Accountants of Deloitte, as receivers and managers of Dominion Finance Group, rather than allow DFG to put its moratorium proposal to DFG stockholders for approval. Covenant Trustee Company Limited, the trustee for North South Finance Limited (NSF), has not appointed a receiver at this time and the directors' expectation is that Covenant will not do so. NSF has provided Covenant with all terms of the moratorium for NSF, and are working constructively with Covenant with a view to finalising disclosure documents and holding a stockholder meeting in late September/early October. About Dominion Finance Based in Auckland, New Zealand, Dominion Finance Holdings Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages in the provision of financial services through the raising of debenture stock. The company operates through its wholly owned subsidiaries Dominion Finance Group Limited and North South Finance Limited, and investment vehicle Dominion Investment Fund Limited. Both Dominion Finance Group Limited and North South Finance Limited accept debenture stock investments and apply them (in conjunction with its own funds) towards the provision of certain loans and other financial accommodation. * * * As reported in the Troubled Company Reporter-Asia Pacific on June 25, 2008, the company's Board entered into discussions with bankers, auditors, and Trustee's of DFG and NSFL respectively, with a view to exploring the prospect of those two companies entering into a Moratorium with their respective debentureholders. Under the prospective moratorium, DFG and NSFL would seek the suspension of the obligation to make payments to debentureholders for a yet to be determined period of time with a view to enabling those companies the opportunity to restructure in order to alleviate the liquidity pressures and ensure the maximum realization of investor's investment in DFG and NSFL. EVEREST FASHIONS: Shareholders Placed Company Under Liquidation --------------------------------------------------------------- Pursuant to Section 255 (2)(a) of the Companies Act 1993, the shareholders of Everest Fashions Limited placed the company under liquidation and appointed Roderick T. McKenzie and Lyn M. Carey, of McKenzie & Partners Limited, Chartered Accountants, Palmerston North, as liquidators. Creditors are required to file their proofs of debt by Sept. 20, 2008, to be included in the company's dividend distribution. The liquidators can be reached at: McKenzie & Partners Limited Level 1 484 Main Street (PO Box 12014) Palmerston North Telephone: (06) 354 9639 Facsimile: (06) 356 2028 INDUSTRIAL SERVICES: Wind-Up Petition Hearing Set for September 26 ------------------------------------------------------------------ The High Court at Auckland will hold a hearing on Sept. 26, 2008, at 10:05 a.m., to consider putting Industrial Services Christchurch Limited into liquidation. The application was filed on May 23, 2008, by Kelford Engineering Services Limited. The plaintiff's address for service is at: Lane Neave Lawyers Level 15 PricewaterhouseCoopers Centre 119 Armagh Street (PO Box 13149) Christchurch S. W. Rollo is the plaintiff’s solicitor. JAPANESE PERFORMANCE: Proofs of Debt Due on September 23 -------------------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Japanese Performance Limited resolved that the company be liquidated and that Gregory John Sherriff, insolvency specialist, and David Stuart Vance, chartered accountant, be appointed as liquidators. Creditors are required to file their proofs of debt by Sept. 23, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Logan Nicholls Levels 11-16 Deloitte House 10 Brandon Street,Wellington Telephone: (04) 472 1677 Facsimile: (04) 472 8023 LAND DEVELOPMENT: Wind-Up Petition Hearing Set for September 24 --------------------------------------------------------------- The High Court at Auckland will hold a hearing on Sept. 24, 2008, at 10:45 a.m., to consider putting Land Development Solutions Limited into liquidation. The application was filed on June 5, 2008, by The 3 Fellaz Company Limited. The plaintiff's address for service is at: c/o Thomson Wilson PO Box 1042 or DX AP 24512 Whangarei G. J. Mathias is the plaintiff’s solicitor. LANDMARK BUILDERS: Proofs of Debt Due on September 22 ----------------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Landmark Builders Limited resolved that the company be liquidated and that Gregory John Sherriff, insolvency specialist, and David Stuart Vance, chartered accountant, be appointed as liquidators. Creditors are required to file their proofs of debt by Sept. 22, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Logan Nicholls Levels 11-16 Deloitte House 10 Brandon Street,Wellington Telephone: (04) 472 1677 Facsimile: (04) 472 8023 NATIONAL FINANCE: Liquidators Set September 19 as Claims Bar Date ----------------------------------------------------------------- The High Court has appointed Bernard Spencer Montgomerie and Stuart James Cunningham, insolvency practitioners of Auckland, as liquidators of National Finance 2000 Limited. Creditors are required to file their proofs of debt by Sept. 19, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Montgomerie & Associates Insolvency Practitioners PO Box 65 Auckland 1140 Telephone: (09) 368 7672 Facsimile: (09) 307 0174 Email: bsm@montgomerie.co.nz * NEW ZEALAND: Motor Vehicles and Supermarkets Curb Retail Sales ---------------------------------------------------------------- Seasonally adjusted total retail sales fell 0.8 percent (NZ$44 million) in July 2008 following a rise of 1.0 percent in June 2008, Statistics New Zealand said. Core retailing (which excludes the four vehicle-related industries) fell 0.2 percent (NZ$8 million). Leading the decrease in July's sales were motor vehicle retailing, down 5.3 percent (NZ$32 million) and supermarket and grocery stores, down 2.0 percent (NZ$24 million). Industries that had the largest sales increases were clothing and softgoods retailing, up 9.0 percent (NZ$18 million), and department stores, up 5.9 percent (NZ$18 million). Half of the 24 retail industries had modest sales movements, increasing or decreasing by no more than $4 million. The total retail sales trend has been flat since December 2007. Among the regions, decreases were recorded in Auckland, Waikato, Wellington, and the remainder of the North Island. Canterbury and the remainder of the South Island had increased sales. ===================== P H I L I P P I N E S ===================== * PHILIPPINES: Debt Up by 0.9% to Php3.964 Trillion as of End June ------------------------------------------------------------------ As of June 2008, the National Government debt increased by 0.9 % from the May 2008 level. Total outstanding debt stood at Php3.964 trillion of which, Php1.661 trillion or 42% is owed to foreign creditors and PhpP2.303 trillion or 58% to domestic creditors, data from Bureau of the Treasury shows. The increase in domestic debt of Php6 billion or 0.3% from the recorded end May 2008 level was due to the net issues incurred by the government. The increase in the government's foreign debt of Php31 billion or 1.9% from the level as of end May 2008 was due to the Php2 billion depreciation of the third currencies against the US dollar and Php32 billion depreciation of the peso against the US dollar. However, this was partially offset by the Php3 billion net repayments. On the other hand, the contingent debt of the government, composed mainly of guarantees issued by the government, decreased to Php524 billion, lower by Php2 billion or 0.4% from end May 2008 level of Php526 billion. The decline was attributed to the foreign contingent debt due to the combined effects of the Php8 billion prepayment of NPC JBIC loans, Php3 billion net repayments and Php9 billion depreciation of the peso against the US dollar. ================= S I N G A P O R E ================= BEST MARINE: Commences Liquidation Proceedings ---------------------------------------------- Best Marine Shipping Management Pte Ltd commenced liquidation proceedings on August 29, 2008. Singapore Food Industries Limited filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee’s Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 CETRAA PTE: Court Enters Wind-Up Order -------------------------------------- On August 22, 2008, the High Court of Singapore entered an order to have Cetraa Pte Ltd.'s operations wound up. Thu Mmel, Schu Tze & Partners LLP filed the petition against the company. Cetraa's liquidator is: The Official Receiver Insolvency & Public Trustee’s Office 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 FOREX SYSTEM: Court Enters Wind-Up Order ---------------------------------------- On August 22, 2008, the High Court of Singapore entered an order to have Forex System Selector Pte Ltd's operations wound up. EQ Management (Singapore) Pte Ltd filed the petition against the company on August 22, 2008. Forex System's liquidator is: The Official Receiver The Insolvency & Public Trustee’s Office URA Centre (East Wing) 45 Maxwell Road, #05-11/#06-11 Singapore 069118 HOSPITALITYBEX PTE: Creditors' Proofs of Debt Due on October 6 -------------------------------------------------------------- Hospitalitybex Pte Ltd, which is in voluntary wind-up, requires its creditors to file their proofs of debt by October 6, 2008, to be included in the company's dividend distribution. The company's liquidators are: Kon Yin Tong Wong Kian Kok Aw Eng Hai c/o 47 Hill Street #05-01 Singapore Chinese Chamber of Commerce & Industry Building Singapore 179365 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites M. Claro, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***